Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ycg LLC

Ycg LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,908 shares of the software company’s stock after selling 3,522 shares during the quarter. Adobe makes up 1.8% of Ycg LLC’s holdings, making the stock its 24th biggest position. Ycg LLC’s holdings in Adobe were worth $22,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Harbour Investments Inc. grew its position in shares of Adobe by 10.7% in the third quarter. Harbour Investments Inc. now owns 435 shares of the software company’s stock valued at $222,000 after purchasing an additional 42 shares during the period. Allen Mooney & Barnes Investment Advisors LLC acquired a new stake in shares of Adobe in the third quarter valued at about $548,000. Oak Grove Capital LLC acquired a new stake in shares of Adobe in the third quarter valued at about $1,424,000. Invst LLC grew its position in shares of Adobe by 1.9% in the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares during the period. Finally, Carmignac Gestion grew its position in shares of Adobe by 8.1% in the third quarter. Carmignac Gestion now owns 13,541 shares of the software company’s stock valued at $6,894,000 after purchasing an additional 1,011 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock valued at $15,165,916 over the last quarter. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ADBE shares. Melius Research reissued a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. BMO Capital Markets raised their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Robert W. Baird raised their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Finally, Piper Sandler reduced their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $603.33.

Adobe Stock Up 0.3 %

NASDAQ ADBE traded up $1.42 on Friday, hitting $559.05. 2,013,465 shares of the stock were exchanged, compared to its average volume of 3,522,780. The company has a market cap of $247.88 billion, a PE ratio of 50.32, a PEG ratio of 2.95 and a beta of 1.30. The company has a 50-day moving average price of $502.24 and a 200-day moving average price of $533.39. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.04 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.